Rhode Island Self Storage Property Changes Hands
- Jul 09, 2021
The Storage Investment Group has acquired Cornerstone Self Storage, a 359-unit self storage facility in Westerly, R.I., from a private investor. The property sold for $3.3 million, according to public records.
The Washington Trust Co. provided acquisition financing, brokered by JLL Capital Markets. The loan bears a fixed interest rate over its five-year term.
The 38,788-rentable-square-foot asset encompasses five buildings on a 1.8-acre lot at 234 Post Road. The facility offers storage spaces ranging from 25 to 450 square feet, including climate-controlled and drive-up units, plus 28 RV and boat parking spaces. Constructed in phases between 1982 and 2015, the property has 1000 kW solar panels, video surveillance and electronic gate access.
Cornerstone Self Storage is part of the retail corridor along Post Road, a short distance from a Walmart Supercenter. The facility is just north of the town’s Weekapaug neighborhood.
JLL Capital Markets Directors Michael Pagniucci and Henry Schaffer led the team that represented The Storage Investment Group.
A recent Yardi Matrix report shows that self storage rents have surged, up 10.7 percent for 10×10 non-climate-controlled units over the year through May. Gains at the national level are underpinned by the success of secondary and tertiary markets, as population shifts toward more affordable cities drives the sector’s overall growth.